ve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective that date. The liability policy was 37,800 for 18 months, and the crop damage policy was $21,600 for a two-year term. What was the balance in Eve's Prepaid nsurance account as of December 31, 2021? Multiple Choice $59,400 $10,800 $23,400 $36,000

ve's Apples opened for business on January 1, 2021, and paid for two insurance policies effective that date. The liability policy was 37,800 for 18 months, and the crop damage policy was $21,600 for a two-year term. What was the balance in Eve's Prepaid nsurance account as of December 31, 2021? Multiple Choice $59,400 $10,800 $23,400 $36,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

10
Kelly Jones and Tami Crawford borrowed $10,500 on a 7-month, 8% note from Gem State Bank to open their business, Oriole’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. Prepare the entry to accrue the interest on June 3 Date Account Titles and Explanation Debit Credit June 30
Bramble Corp. lends Sheffield Corp. $50400 on April 1, accepting a four-month, 9% interest note. Bramble Corp. prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared? O Interest Receivable 378 Interest Revenue 378 Interest Revenue 80 Cash Note Receivable Cash Interest Receivable Interest Revenue Type here to search 378 50400 1134 S 378 50400 1134 17
Please read the questions carefully the First question is asking for journal entry.
Blossom Wholesalers accepts from Gates Stores a $8,000, 4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Your answer is correct. Calculate the interest payable at maturity. Interest payable at maturity $ eTextbook and Media List of Accounts (a2) 240 Account Titles and Explanation What entry does Blossom make at the maturity date, assuming Gates pays the note and interest in full at that time? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Attempts: 1 of 3 used Credit
Provide the following independent journal entries: a. July 31, 2019. We had $1,000,000 of credit sales in July. We estimate that our bad debt expense will be 1% of credit sales. b. Aug. 15, 2019. We have an account receivable from Frank Farmworker for $500. On Aug. 15 we decide that we will not collect this account, so need to write it off. On Sept. 5 we get a check from Frank in the mail. c. Dec. 31, 2019. Allowance for Bad Debts currently has a credit balance of $7,200. We perform an aging of accounts receivable, and determine that the Allowance should have a balance of $10,100. d. Dec. 31, 2020. We age our accounts receivable: Age of accounts . Days: 1-30 31-60 61-9091+Total Accounts receivable$85,000$40,000$10,000$2,000$137,000 Estimate % uncollectible 1% 5% 20% 60% What balance should the…
Would you help me
Journalize the following entries on the books of the borrower and creditor. Label accordingly. (Assume a 360-day year is used for interest calculations.) June 1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30. The cost of merchandise sold was $54,000. 30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.
ABC lends Evergreen Inc. $40,000 on June 1, accepting a four-month, 6% interest note. ABC prepares financial statement on June 30. Which of the following represents correct adjusting entry pertaining this promissory note? O Debit Note Receivable $40,000 O Credit Interest Revenue $600 debit Interest Receivable $200 O Debit Cash $600
Wisconsin Bank lends Local Furniture Company $80,000 on November 1. Local Furniture Company signs a $80,000, 6%, 4 - month note. The fiscal year end of Local Furniture Company is December 31. The journal entry made by Local Furniture Company on December 31 is: A. debit Interest Expense and credit Cash for $800 B. debit Interest Payable and credit Interest Expense for $800 C. debit Interest Expense and credit Interest Payable for $800 D. debit Interest Payable and credit Cash for $800 thanks for help apapreciated